Block of flats for sale in High Street, Caerleon NP18

Location

The subject property is situated in the centre of the town, on the main High Street running through the sought-after town of Caerleon.

The High Street is a main thoroughfare characterised by shops, restaurants, pubs and cafes as well as residential properties. There are both primary and secondary schools close by.

The property is situated close to the Roman Amphitheatre and Roman Baths and is a within 2 miles of the Celtic Manor Resort, home of the 2010 Ryder Cup and 2014 nato Summit.

Caerleon is situated approximately 5.0 miles east of the City of Newport, 2.4 miles east of Junction 25 of the M4, and 5.8 miles southeast of Cwmbran.

Description

The property comprises a substantial Georgian end-of-terrace 3 storey premises spit into 6no. Self-contained apartments which has been in the same family ownership since the early 80s.
The main external elevations of rendered solid stone construction with a mixture of timber framed and uPVC fenestration beneath a pitched slate roof to the rear there are balconies giving way to the attractive communal garden. The total site area extends to 0.12 acres (0.049ha).
Nb. NP Linnells are instructed to sell the neighbouring Ffwrwm commercial development which currently forms part of the same title. Therefore a sale including the Ffwwrwm would be considered. Further details available on request.

Accommodation & occupation

The property comprises the following Floor Areas:

Unit Occupation Status gia Lease Details Passing Rent
1 – gf 2 bed flat Vacant 87 sq. M (937 sq. Ft) N/A Nil
2 – gf 2 bed flat Vacant 88.3 sq. M
(950 sq. Ft) N/A Nil
3 – ff flat (believed to be 2 bed) Sold off on long lease Not known 99 year lease from 1st July 1981 (56 yrs unexpired) £30 per annum Ground Rent
4 – ff 2 bed flat Occupied on an Assured Shorthold Tenancy 97 sq. M (1,044 sq. Ft) Occupational Contract from 01/12/2022, in occupation since 27/11/2020 £7,920 pax with scope for betterment
5 – sf 2 bed flat Occupied on an Assured Shorthold Tenancy 90.8 sq. M (977 sq, ft) Occupational Contract from 01/12/2022, in occupation since 01/06/2021 £8,700 pax with scope for betterment
6 – sf 2 bed flat Occupied on an Assured Shorthold Tenancy 74.5 sq. M (802 sq. Ft Occupational Contract from 31/08/2023 £9,600 pax with scope for betterment
Basement Occupied on an Assured Shorthold Tenancy 55.5 sq. M ( 597 sq. Ft) vacant Nil
total £26,250 pax with scope for betterment

Planning/development

The property was converted to flats in the 1950s. It is envisaged that the attic space and/or basement may have the potential for conversion (subject to all necessary consents). Interested parties are advised to make their own inquiries with the local planning authority.

Tenure

Freehold subject to the residue of a single long leasehold interest (flat 3) and occupational contracts (flats 4,5 & 6). A copy of the lease for flat 3 and copies of the tenancy agreements for flats 4,5 & 6 are available on request.

Guide price

£500,000

Method of sale

Interested parties are invited to make best and final unconditional bids by midday Thursday 4th July 2024.
Bids are to be made in writing and are to include the amount offered along with proof of funds, details of the prospective purchaser and their legal advisers.
Bids to be sent to

Energy performance certificate

EPCs are available on request for flats 1,2,4,5 & 6

Legal costs

Each party will be responsible for their own legal and professional costs incurred in the transaction.

Local authority

Newport Council

Further information

Floor plans, photographs, copy tenancy agreements and leases, EPCs and title documentation are available on request.